NPORT-EX 2 NPORT_6429_17507228_0226.htm HTML

AB Municipal Income Fund, Inc.

AB California Portfolio

Portfolio of Investments

February 28, 2026 (unaudited)

 

      Principal
Amount
(000)		        U.S. $ Value  

MUNICIPAL OBLIGATIONS – 99.5%

 

Long-Term Municipal Bonds – 98.6%

 

California – 94.8%

 

Alameda Corridor Transportation Authority

(Alameda Corridor Transportation Authority)
Series 2022-A
0.00%, 10/01/2047(a)

    $      17,955        $     10,871,174  

AG Series 2022-C
0.00%, 10/01/2052(a)

      1,000          593,379  

AG Series 2024
Zero Coupon, 10/01/2053

      2,000          523,628  

Anaheim Public Financing Authority

(City of Anaheim CA Lease)
AG Series 1997
Zero Coupon, 09/01/2031

      5,000          4,374,011  

Bakersfield City School District

(Bakersfield City School District)
BAM Series 2012-C
0.00%, 05/01/2047(a)

      9,155          7,385,526  

Bay Area Toll Authority

(Bay Area Toll Authority)
Series 2021
2.18% (MUNIPSA + 0.30%), 04/01/2056(b)

      2,000          1,985,677  

2.29% (MUNIPSA + 0.41%), 04/01/2056(b)

      14,800          14,596,423  

Burbank-Glendale-Pasadena Airport Authority Brick Campaign

(Burbank-Glendale-Pasadena Airport Authority Brick Campaign)
Series 2024-B
5.00%, 07/01/2032

      1,000          1,137,817  

5.25%, 07/01/2044

      3,000          3,280,535  

5.25%, 07/01/2049

      9,000          9,539,866  

AG Series 2024-B
4.00%, 07/01/2039

      1,150          1,181,664  

4.50%, 07/01/2054

      2,000          1,975,514  

California Community Choice Financing Authority

(American General Life Insurance)
Series 2023-D
5.50%, 05/01/2054

      5,000          5,326,831  

Series 2024C
5.00%, 08/01/2055

      8,600          9,304,001  

California Community Choice Financing Authority

(Athene Annuity & Life Co.)
Series 2024B
5.00%, 01/01/2055

      12,000          12,680,542  

Series 2024G
5.00%, 11/01/2055

      10,000          10,540,026  

California Community Choice Financing Authority

(Bank of Nova Scotia (The))
Series 2025E
5.00%, 10/01/2056

      5,380          6,025,279  

 

1

      Principal
Amount
(000)		        U.S. $ Value  

California Community Choice Financing Authority

(Canadian Imperial Bank of Commerce)
Series 2025F
5.00%, 11/01/2033

    $       2,310        $      2,556,350  

California Community Choice Financing Authority

(Deutsche Bank AG)
Series 2023
5.25%, 01/01/2054

      10,375          11,149,838  

California Community Choice Financing Authority

(Goldman Sachs Group)
Series 2021
4.00%, 10/01/2052

      5,745          5,855,472  

Series 2023
5.00%, 12/01/2053

      8,650          9,203,412  

California Community Choice Financing Authority

(Morgan Stanley)
Series 2021-B
4.00%, 02/01/2052

      4,000          4,155,454  

Series 2022-A
4.00%, 05/01/2053

      3,675          3,762,209  

Series 2023
4.088% (SOFR + 1.63%), 07/01/2053(b)

      5,000          5,041,955  

4.128% (SOFR + 1.67%), 02/01/2054(b)

      5,000          5,075,303  

5.00%, 02/01/2054

      12,500          13,518,732  

Series 2024-E
5.00%, 02/01/2055

      4,700          5,140,900  

Series 2026-A
3.908% (SOFR + 1.45%), 04/01/2056(b)

      3,000          2,999,914  

5.00%, 04/01/2056

      1,000          1,109,615  

California Community Choice Financing Authority

(New York Life Insurance)
Series 2024H
5.00%, 01/01/2056

      12,265          13,682,169  

Series 2025G
5.00%, 12/01/2035

      2,000          2,252,329  

California Community Choice Financing Authority

(Nomura Holdings, Inc.)
Series 2026
5.00%, 03/01/2036

      3,000          3,269,246  

California Community Choice Financing Authority

(Pacific Life Insurance)
Series 2024-F
5.00%, 02/01/2055

      5,020          5,510,620  

California Community Choice Financing Authority

(Royal Bank of Canada)
Series 2024D
5.00%, 02/01/2055

      10,000          11,063,685  

California Community College Financing Authority

(NCCD-Orange Coast Properties)
Series 2018
5.25%, 05/01/2043

      3,600          3,682,960  

5.25%, 05/01/2048

      2,750          2,784,005  

California Community Housing Agency

(California Community Housing Agency Aster Apartments)
Series 2021-A
4.00%, 02/01/2056(c)

      1,000          848,300  

 

2

      Principal
Amount
(000)		        U.S. $ Value  

California Community Housing Agency

(California Community Housing Agency Brio Apartments & Next on Lex Apartments)
Series 2021
4.00%, 02/01/2056(c)

    $       2,000        $      1,716,000  

California Community Housing Agency

(California Community Housing Agency Fountains at Emerald Park)
Series 2021
3.00%, 08/01/2056(c)

      1,000          698,560  

California Community Housing Agency

(California Community Housing Agency Summit at Sausalito Apartments)
Series 2021
3.00%, 02/01/2057(c)

      2,000          1,387,959  

California County Tobacco Securitization Agency

(Gold Country Settlement Funding)
Series 2020-B
Zero Coupon, 06/01/2055

      6,500          1,395,616  

California County Tobacco Securitization Agency

(Los Angeles County Securitization)
Series 2020-A
4.00%, 06/01/2049

      7,155          6,369,932  

California Earthquake Authority

(California Earthquake Authority)
Series 2022-A
5.603%, 07/01/2027

      1,470          1,487,891  

California Educational Facilities Authority

(Art Center College of Design)
Series 2018-A
5.00%, 12/01/2037

      1,265          1,309,040  

5.00%, 12/01/2044

      6,885          6,969,993  

California Educational Facilities Authority

(Loma Linda University)
Series 2017-A
5.00%, 04/01/2047

      4,000          4,019,423  

California Educational Facilities Authority

(University of Redlands)
Series 2022-A
5.00%, 10/01/2044

      2,500          2,562,631  

California Enterprise Development Authority

(Heights Christian Schools)
Series 2023
6.25%, 06/01/2053(c)

      1,920          1,866,382  

California Enterprise Development Authority

(Real Journey Academies Obligated Group)
Series 2024-A
5.00%, 06/01/2064(c)

      5,000          4,831,221  

California Enterprise Development Authority

(Rocketship Education Obligated Group)
Series 2022
4.00%, 06/01/2042(c)

      3,000          2,771,082  

California Enterprise Development Authority

(Rocklin Academy/The)
Series 2021
4.00%, 06/01/2051(c)

      1,875          1,585,006  

4.00%, 06/01/2061(c)

      840          687,739  

 

3

      Principal
Amount
(000)		        U.S. $ Value  

California Health Facilities Financing Authority

(Adventist Health System/West Obligated Group)
Series 2024
5.00%, 12/01/2034

    $       2,245        $      2,571,440  

5.00%, 12/01/2036

      4,250          4,794,009  

5.00%, 12/01/2039

      1,500          1,649,476  

Series 2025
5.00%, 12/01/2032

      1,250          1,409,353  

California Health Facilities Financing Authority

(Children’s Hospital Los Angeles)
Series 2017-A
5.00%, 08/15/2035

      1,365          1,393,684  

5.00%, 08/15/2036

      3,000          3,055,762  

5.00%, 08/15/2042

      2,000          2,017,670  

California Health Facilities Financing Authority

(CommonSpirit Health Obligated Group)
Series 2024-A
5.00%, 12/01/2054

      3,200          3,328,979  

California Housing Finance Agency

(CAHFA 2019-2)
Series 2019-2, Class A
4.00%, 03/20/2033

      7,005          7,293,698  

California Housing Finance Agency

(CAHFA 2021-1)
Series 2021-1, Class A
3.50%, 11/20/2035

      6,783          6,938,989  

California Housing Finance Agency

(CAHFA 2021-2)
Series 2021-2, Class A
3.75%, 03/25/2035

      6,093          6,367,681  

Series 2021-2, Class X
0.825%, 03/25/2035(d)

      2,816          107,068  

California Housing Finance Agency

(CAHFA 2021-3)
Series 2021-3, Class A
3.25%, 08/20/2036

      1,863          1,857,846  

Series 2021-3, Class X
0.793%, 08/20/2036(d)

      2,469          106,947  

California Housing Finance Agency

(CAHFA 2023-1)
Series 2023-1, Class A
4.375%, 09/20/2036

      1,947          2,069,239  

California Infrastructure & Economic Development Bank

(Adventist Health System/West Obligated Group)
Series 2024
5.25%, 07/01/2054

      10,000          10,188,613  

California Infrastructure & Economic Development Bank

(California Academy of Sciences)
Series 2024
3.25%, 08/01/2029

      6,750          6,915,985  

California Infrastructure & Economic Development Bank

(Desertxpress Enterprises)
Series 2025
3.50%, 01/01/2065(c)

      18,800          18,806,328  

 

4

      Principal
Amount
(000)		        U.S. $ Value  

California Infrastructure & Economic Development Bank

(Equitable School Revolving Fund Obligated Group)
Series 2024
5.00%, 11/01/2049

    $       3,250        $      3,383,357  

5.00%, 11/01/2054

      4,500          4,633,929  

California Infrastructure & Economic Development Bank

(Goodwill Industries of Sacramento Valley & Northern Nevada)
Series 2016
5.00%, 01/01/2036(c)

      1,500          1,309,541  

California Infrastructure & Economic Development Bank

(Museum Associates)
Series 2021
2.58% (MUNIPSA + 0.70%), 12/01/2050(b)

      4,600          4,594,110  

California Infrastructure & Economic Development Bank

(PIH Health Obligated Group)
Series 2024-A
5.00%, 12/01/2054(c)

      20,000          20,499,394  

California Municipal Finance Authority
Series 2026
1.00%, 12/20/2043(c) (e)

      1,000          1,032,219  

Series 2026-1
4.05%, 07/20/2041(e)

      1,000          967,204  

California Municipal Finance Authority

(American Heritage/Escondido/Heritage K-8 Charter School Obligated Group)
Series 2016-A
5.00%, 06/01/2036

      1,900          1,905,747  

5.00%, 06/01/2046

      1,000          1,000,225  

California Municipal Finance Authority

(Azusa Pacific University)
Series 2015-B
5.00%, 04/01/2035

      1,565          1,565,231  

5.00%, 04/01/2041

      1,485          1,461,403  

California Municipal Finance Authority

(Biola University, Inc.)
Series 2017
5.00%, 10/01/2032

      565          582,082  

5.00%, 10/01/2033

      625          642,968  

5.00%, 10/01/2034

      570          585,478  

5.00%, 10/01/2035

      600          615,304  

5.00%, 10/01/2036

      1,150          1,177,339  

5.00%, 10/01/2037

      2,000          2,043,948  

California Municipal Finance Authority

(California Baptist University)
Series 2025
5.125%, 11/01/2040(c)

      1,350          1,441,066  

California Municipal Finance Authority

(California Institute of the Arts)
Series 2021
4.00%, 10/01/2046

      1,340          1,222,600  

4.00%, 10/01/2051

      1,200          1,042,620  

 

5

      Principal
Amount
(000)		        U.S. $ Value  

California Municipal Finance Authority

(California Municipal Finance Authority Municipal Certificates Series 2026-1)
Series 2026-1
4.05%, 07/20/2041(e)

    $      2,300        $      2,325,685  

California Municipal Finance Authority

(California Municipal Finance Authority)
Series 2025-2, Class A1
3.537%, 02/20/2041

      4,364          4,225,022  

California Municipal Finance Authority

(CHF-Riverside II LLC)
Series 2019
5.00%, 05/15/2033

      1,370          1,457,247  

5.00%, 05/15/2041

      3,470          3,570,344  

5.00%, 05/15/2042

      2,705          2,769,619  

5.00%, 05/15/2049

      5,325          5,327,784  

5.00%, 05/15/2052

      1,575          1,558,385  

California Municipal Finance Authority

(CMFA 2025-2)
Series 2025-2, Class A1
4.326%, 11/20/2040

      3,366          3,417,642  

Series 2025-2, Class A2
4.326%, 11/20/2040

      2,693          2,619,199  

California Municipal Finance Authority

(Community Health Centers of The Central Coast)
Series 2021-A
5.00%, 12/01/2054(c)

      1,000          1,001,645  

California Municipal Finance Authority

(Congregational Homes Obligated Group)
Series 2022
4.00%, 11/15/2042

      560          545,413  

4.00%, 11/15/2052

      3,605          3,052,335  

4.00%, 11/15/2056

      1,685          1,402,537  

California Municipal Finance Authority

(EL Camino PA LP)
Series 2026
2.50%, 03/01/2046

      3,250          3,250,716  

California Municipal Finance Authority

(Generics Municipal Bond)
Series 2025-A
5.375%, 01/01/2055(c)

      2,000          2,002,232  

5.50%, 01/01/2060(c)

      3,000          3,018,050  

California Municipal Finance Authority

(Goodwill Industries of Sacramento Valley & Northern Nevada)
Series 2014
5.25%, 01/01/2045

      1,295          1,066,788  

California Municipal Finance Authority

(Inland Regional Center)
Series 2015
5.00%, 06/15/2032

      5,000          5,006,035  

California Municipal Finance Authority

(LAX Integrated Express Solutions)
Series 2018
4.00%, 12/31/2047

      5,000          4,494,342  

5.00%, 12/31/2036

      5,685          5,870,025  

5.00%, 12/31/2037

      4,000          4,120,027  

5.00%, 12/31/2047

      5,505          5,533,565  

AG Series 2018
3.25%, 12/31/2032

      1,000          993,100  

 

6

      Principal
Amount
(000)		        U.S. $ Value  

California Municipal Finance Authority

(PRS-California Obligated Group)
Series 2024
5.00%, 04/01/2039

    $         655        $        720,322  

5.00%, 04/01/2040

      535          585,492  

5.00%, 04/01/2049

      1,300          1,335,594  

5.00%, 04/01/2054

      2,170          2,208,013  

California Municipal Finance Authority

(Samuel Merritt University)
Series 2022
5.25%, 06/01/2053

      11,680          12,242,322  

California Municipal Finance Authority

(United Airlines, Inc.)
Series 2019
4.00%, 07/15/2029

      8,000          8,155,866  

California Municipal Finance Authority

(UTS Bioenergy LLC)
Series 2011-A1
7.50%, 12/01/2032(f) (g)

      2,745          54,900  

California Pollution Control Financing Authority

(Channelside Water Resources)
Series 2012
5.00%, 11/21/2045(c)

      1,250          1,251,572  

Series 2019
5.00%, 11/21/2045(c)

      9,000          9,183,746  

Series 2023
5.00%, 07/01/2035(c)

      2,000          2,230,788  

5.00%, 07/01/2038(c)

      1,000          1,093,937  

California Pollution Control Financing Authority

(San Diego County Water Authority Desalination Project Pipeline)
Series 2019
5.00%, 07/01/2039(c)

      8,740          9,059,825  

California Public Finance Authority

(California University of Science & Medicine Obligated Group)
Series 2019
6.25%, 07/01/2054(c)

      2,000          2,067,674  

California Public Finance Authority

(Hazelden Betty Ford Foundation)
Series 2025
5.00%, 11/01/2049

      750          767,741  

5.00%, 11/01/2054

      2,000          2,032,573  

California Public Finance Authority

(Henry Mayo Newhall Hospital Obligated Group)
Series 2017
5.00%, 10/15/2037

      1,000          1,006,200  

California School Finance Authority

(ACE Charter Schools Obligated Group)
Series 2016
5.00%, 06/01/2042(c)

      2,750          2,749,949  

 

7

      Principal
Amount
(000)		        U.S. $ Value  

California School Finance Authority

(Alliance for College Ready Public Schools Obligated Group)
Series 2015-A
5.00%, 07/01/2045(c)

    $       4,675        $      4,675,720  

Series 2016
5.25%, 07/01/2052(c)

      2,500          2,500,984  

California School Finance Authority

(Aspire Public Schools Obligated Group)
Series 2020-A
5.00%, 08/01/2059(c)

      2,000          1,901,989  

California School Finance Authority

(Bright Star Schools Obligated Group)
Series 2017
5.00%, 06/01/2037(c)

      1,200          1,205,945  

5.00%, 06/01/2047(c)

      1,565          1,482,997  

California School Finance Authority

(California School Finance Authority)
Series 2017
5.00%, 06/01/2047(c)

      700          665,015  

5.00%, 06/01/2053(c)

      1,775          1,622,654  

California School Finance Authority

(Classical Academy Obligated Group)
Series 2021
4.00%, 10/01/2046(c)

      1,250          1,105,631  

Series 2022
5.00%, 10/01/2061(c)

      2,000          1,930,739  

California School Finance Authority

(Downtown College Prep Obligated Group)
Series 2016
5.00%, 06/01/2046(f) (g) (h)

      2,325          1,395,000  

5.00%, 06/01/2051(f) (g) (h)

      2,910          1,746,000  

California School Finance Authority

(Ednovate Obligated Group)
Series 2018
5.00%, 06/01/2037(c)

      430          431,457  

California School Finance Authority

(Equitas Academy Obligated Group)
Series 2018-A
5.00%, 06/01/2035(c)

      4,770          4,798,227  

California School Finance Authority

(Fenton Charter Public Schools)
Series 2020-A
5.00%, 07/01/2058(c)

      625          556,987  

California School Finance Authority

(Green Dot Public Schools Obligated Group)
Series 2015-A
5.00%, 08/01/2045(c)

      1,000          1,000,067  

Series 2022
5.00%, 08/01/2032(c)

      640          675,560  

5.75%, 08/01/2052(c)

      1,650          1,719,531  

California School Finance Authority

(Hawking STEAM Charter Schools)
Series 2022
5.00%, 07/01/2042(c)

      1,860          1,882,135  

5.25%, 07/01/2052(c)

      2,755          2,705,846  

5.375%, 07/01/2056(c)

      1,990          1,978,397  

5.50%, 07/01/2062(c)

      1,775          1,775,182  

 

8

      Principal
Amount
(000)		        U.S. $ Value  

California School Finance Authority

(KIPP SoCal Public Schools Obligated Group)
Series 2017-A
5.00%, 07/01/2037(c)

    $         935        $        949,759  

Series 2019-A
5.00%, 07/01/2049(c)

      2,000          2,003,882  

Series 2020-A
4.00%, 07/01/2055(c)

      835          696,808  

California School Finance Authority

(Lighthouse Community Public Schools Obligated Group)
Series 2022
6.50%, 06/01/2062(c)

      2,300          2,376,000  

California School Finance Authority

(Partnerships to Uplift Communities Series 2023 Obligated Group)
Series 2023
5.50%, 08/01/2043(c)

      550          573,559  

5.50%, 08/01/2047(c)

      525          534,263  

California School Finance Authority

(Prerefunded - US Treasuries)
Series 2017
5.00%, 06/01/2047(c)

      800          825,593  

5.00%, 06/01/2053(c)

      2,025          2,089,782  

California School Finance Authority

(Rex & Margaret Fortune School of Education)
Series 2024
5.00%, 06/01/2054(c)

      2,350          2,134,968  

5.125%, 06/01/2059(c)

      1,500          1,371,113  

5.125%, 06/01/2064(c)

      2,350          2,122,300  

California School Finance Authority

(Rocketship Education Obligated Group)
Series 2016-A
5.00%, 06/01/2036(c)

      1,000          1,000,457  

5.00%, 06/01/2046(c)

      2,500          2,413,497  

Series 2017
5.125%, 06/01/2047(c)

      950          919,757  

Series 2017-G
5.00%, 06/01/2037(c)

      360          362,217  

5.00%, 06/01/2053(c)

      2,075          1,918,643  

California School Finance Authority

(View Park Elementary & Middle Schools)
Series 2014
5.625%, 10/01/2034

      520          520,292  

6.00%, 10/01/2049

      715          714,984  

California State Public Works Board

(California State Public Works Board Lease)
Series 2025
5.00%, 04/01/2043

      2,000          2,274,484  

5.00%, 04/01/2044

      3,000          3,366,634  

5.00%, 04/01/2045

      2,615          2,900,620  

 

9

      Principal
Amount
(000)		        U.S. $ Value  

California State Public Works Board

(State of California Lease)
Series 2024
5.00%, 04/01/2049

    $       1,500        $      1,605,664  

5.05%, 04/01/2032

      2,000          2,106,009  

5.06%, 04/01/2033

      1,000          1,053,951  

California State University

(California State University)
Series 2017-B
3.899%, 11/01/2047

      4,900          4,249,201  

Series 2020-D
1.49%, 11/01/2028

      1,500          1,421,674  

Series 2021-B
2.144%, 11/01/2033

      6,000          5,240,422  

California Statewide Communities Development Authority

(California Baptist University)
Series 2017-A
5.00%, 11/01/2032(c)

      1,635          1,669,774  

California Statewide Communities Development Authority

(CHF-Irvine LLC)
Series 2017-A
5.00%, 05/15/2034

      1,000          1,023,681  

5.00%, 05/15/2035

      1,410          1,441,437  

5.00%, 05/15/2036

      1,500          1,531,329  

California Statewide Communities Development Authority

(Emanate Health Obligated Group)
Series 2020-A
5.00%, 04/01/2035

      1,000          1,076,580  

California Statewide Communities Development Authority

(Enloe Medical Center Obligated Group)
AG Series 2022-A
5.375%, 08/15/2057

      2,000          2,058,143  

California Statewide Communities Development Authority

(John Muir Health Obligated Group)
Series 2024-A
5.25%, 12/01/2054

      19,310          20,651,315  

California Statewide Communities Development Authority

(Lancer Educational Housing)
Series 2016
5.00%, 06/01/2036(c)

      1,000          1,002,228  

5.00%, 06/01/2046(c)

      1,500          1,485,191  

Series 2019
5.00%, 06/01/2051(c)

      3,165          3,050,681  

California Statewide Communities Development Authority

(Loma Linda University Medical Center)
Series 2016-A
5.00%, 12/01/2036(c)

      5,000          5,018,342  

5.25%, 12/01/2056(c)

      1,700          1,700,870  

 

10

      Principal
Amount
(000)		        U.S. $ Value  

California Statewide Communities Development Authority

(NCCD-Hooper Street LLC)
Series 2019
5.25%, 07/01/2039(c)

    $       2,295        $      2,362,047  

5.25%, 07/01/2049(c)

      2,675          2,685,597  

5.25%, 07/01/2052(c)

      1,565          1,565,576  

California Statewide Communities Development Authority

(Southern California Edison)
Series 2023
4.50%, 11/01/2033

      8,050          8,624,921  

Central Valley Energy Authority

(Pacific Life Insurance)
Series 2025
5.00%, 12/01/2055

      2,000          2,219,707  

City of Atwater CA Wastewater Revenue

(City of Atwater CA Wastewater Revenue)
AG Series 2017-A
5.00%, 05/01/2043

      1,000          1,015,814  

City of Fairfield CA

(City of Fairfield CA COP)
AG Series 2007
Zero Coupon, 04/01/2035

      3,700          2,850,101  

City of Fremont CA Community Facilities District No. 1

(City of Fremont CA Community Facilities District No. 1)
Series 2015
5.00%, 09/01/2040

      4,000          4,017,021  

City of Irvine CA

(City of Irvine CA Community Facilities District No. 2013-3 Improvement Area No. 8)
Series 2018
5.00%, 09/01/2043

      2,400          2,446,389  

5.00%, 09/01/2048

      4,250          4,284,353  

City of Los Angeles Department of Airports

(City of Los Angeles Dept. of Airports)
Series 2018
5.00%, 05/15/2028

      3,000          3,169,630  

Series 2021
5.00%, 05/15/2030

      1,365          1,507,824  

Series 2022
3.25%, 05/15/2049

      2,000          1,517,105  

5.00%, 05/15/2027

      2,465          2,542,331  

5.00%, 05/15/2045

      1,500          1,574,861  

Series 2022-A
5.00%, 05/15/2035

      3,000          3,374,681  

Series 2025
4.25%, 05/15/2041

      3,320          3,451,536  

5.00%, 05/15/2036

      8,760          10,227,858  

5.00%, 05/15/2037

      5,000          5,771,543  

5.00%, 05/15/2055

      17,850          18,324,910  

5.25%, 05/15/2045

      1,100          1,202,264  

5.50%, 05/15/2055

      3,900          4,190,777  

City of Oakland CA

(City of Oakland CA)
Series 2025
4.904%, 07/15/2035

      1,055          1,093,847  

 

11

      Principal
Amount
(000)		        U.S. $ Value  

City of Palo Alto CA

(City of Palo Alto CA University Ave AD)
Series 2012
5.00%, 09/02/2028

    $        530        $        538,268  

5.00%, 09/02/2030

      745          756,491  

City of Roseville CA

(City of Roseville CA Fiddyment Ranch Community Facilities District No. 1)
Series 2017
5.00%, 09/01/2033

      1,315          1,350,361  

5.00%, 09/01/2034

      1,000          1,026,291  

City of Roseville CA

(HP Campus Oaks Community Facilities District No. 1)
Series 2016
5.00%, 09/01/2036

      640          644,809  

City of San Jose CA Airport Revenue

(Norman Y Mineta San Jose Intl Airport SJC)
Series 2017-A
5.00%, 03/01/2033

      1,100          1,122,904  

5.00%, 03/01/2034

      2,000          2,040,245  

City of Upland CA

(San Antonio Regional Hospital)
Series 2017
5.00%, 01/01/2032

      1,000          1,038,448  

5.00%, 01/01/2047

      3,895          3,927,945  

CMFA Special Finance Agency

(CMFA Special Finance Agency Enclave)
Series 2022-A
4.00%, 08/01/2058(c)

      2,000          1,548,108  

CMFA Special Finance Agency

(CMFA Special Finance Agency Latitude33)
Series 2021-A
3.00%, 12/01/2056(c)

      2,000          1,344,137  

CMFA Special Finance Agency

(CMFA Special Finance Agency Solana at Grand)
Series 2021-A
4.00%, 08/01/2056(c)

      3,000          2,630,518  

CMFA Special Finance Agency VII

(CMFA Special Finance Agency VII The Breakwater Apartments)
Series 2021
3.00%, 08/01/2056(c)

      1,000          704,700  

CMFA Special Finance Agency VIII Elan Huntington Beach

(CMFA Special Finance Agency VIII Elan Huntington Beach)
Series 2021
3.00%, 08/01/2056(c)

      4,000          2,789,362  

Compton Community College District

(Compton Community College District)
Series 2012-C
Zero Coupon, 08/01/2031

      1,900          1,661,682  

Compton Community Redevelopment Agency Successor Agency

(Compton Community Redevelopment Agency Successor Agency)
AG Series 2022-A
5.25%, 08/01/2032

      3,500          3,979,408  

 

12

      Principal
Amount
(000)		        U.S. $ Value  

Contra Costa Community College District

(Contra Costa Community College District)
Series 2014-A
4.00%, 08/01/2029

    $       2,100        $      2,101,596  

County of Los Angeles CA Community Facilities District No. 2021-01

(County of Los Angeles CA Community Facilities District No. 2021-01 Area No. 1)
Series 2022
5.00%, 09/01/2047

      2,750          2,826,260  

5.00%, 09/01/2052

      2,500          2,544,864  

County of Sacramento CA

(North Vineyard District 2005-2)
Series 2016
5.00%, 09/01/2040

      990          995,863  

5.00%, 09/01/2045

      1,250          1,253,681  

County of Sacramento CA Airport System Revenue

(County of Sacramento CA Airport System Revenue)
Series 2025-A
5.25%, 07/01/2041

      1,000          1,134,258  

5.25%, 07/01/2042

      2,120          2,380,178  

5.25%, 07/01/2043

      425          471,855  

5.25%, 07/01/2045

      2,000          2,170,253  

CSCDA Community Improvement Authority

(CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim)
Series 2021
3.25%, 04/01/2057(c)

      5,000          3,702,139  

CSCDA Community Improvement Authority

(CSCDA Community Improvement Authority 777 Place-Pomona)
Series 2021
4.00%, 05/01/2057(c)

      1,000          721,469  

CSCDA Community Improvement Authority

(CSCDA Community Improvement Authority Acacia on Santa Rosa Creek)
Series 2021
4.00%, 10/01/2046(c)

      4,000          3,331,704  

CSCDA Community Improvement Authority

(CSCDA Community Improvement Authority Altana Apartments)
Series 2021
4.00%, 10/01/2056(c)

      6,000          4,990,123  

CSCDA Community Improvement Authority

(CSCDA Community Improvement Authority Millennium South Bay-Hawthorne)
Series 2021
3.25%, 07/01/2056(c)

      2,000          1,395,918  

4.00%, 07/01/2058(c)

      1,000          542,921  

CSCDA Community Improvement Authority

(CSCDA Community Improvement Authority Oceanaire Apartments)
Series 2021
4.00%, 09/01/2056(c)

      2,500          1,828,440  

 

13

      Principal
Amount
(000)		        U.S. $ Value  

CSCDA Community Improvement Authority

(CSCDA Community Improvement Authority Pasadena Portfolio)
Series 2021
3.00%, 12/01/2056(c)

    $       1,000        $        706,997  

4.00%, 12/01/2056(c)

      1,000          761,580  

CSCDA Community Improvement Authority

(CSCDA Community Improvement Authority The Crescent)
Series 2022
4.30%, 07/01/2059(c)

      1,000          813,446  

CSCDA Community Improvement Authority

(CSCDA Community Improvement Authority Theo Apartments)
Series 2021
4.00%, 05/01/2057(c)

      2,000          1,412,638  

CSCDA Community Improvement Authority

(CSCDA Community Improvement Authority Union South Bay)
Series 2021-A2
4.00%, 07/01/2056(c)

      2,400          2,013,634  

CSCDA Community Improvement Authority

(CSCDA Community Improvement Authority Vineyard Gardens Apartments)
Series 2021
3.25%, 10/01/2058(c)

      1,000          721,102  

4.00%, 10/01/2048(c)

      3,000          2,381,733  

CSCDA Community Improvement Authority

(CSCDA Community Improvement Authority Waterscape Apartments)
Series 2021-A
3.00%, 09/01/2056(c)

      1,500          1,047,337  

Federal Home Loan Mortgage Corp. Multifamily ML Certificates

(FRETE 2022-ML13)
Series 2022-ML13, Class ACA
2.875%, 07/25/2036

      1,832          1,742,724  

Series 2022-ML13, Class XCA
0.959%, 07/25/2036(d)

      5,143          278,648  

Foothill-De Anza Community College District

(Foothill-De Anza Community College District)
AMBAC Series 2007-A
Zero Coupon, 08/01/2034

      1,995          1,602,272  

Foothill-Eastern Transportation Corridor Agency

(Foothill-Eastern Transportation Corridor Agency)
Series 2021-C
4.00%, 01/15/2043

      1,500          1,507,725  

Golden State Connect Authority

(Golden State Connect Authority)
Series 2025
6.50%, 12/01/2060(c)

      10,000          10,104,267  

Golden State Tobacco Securitization Corp.

(Golden State Tobacco Securitization Lease)
Series 2021
2.746%, 06/01/2034

      3,175          2,882,377  

3.115%, 06/01/2038

      5,000          4,326,910  

3.293%, 06/01/2042

      2,000          1,599,467  

 

14

      Principal
Amount
(000)		        U.S. $ Value  

Golden State Tobacco Securitization Corp.

(Golden State Tobacco Securitization)
Series 2021
3.85%, 06/01/2050

    $       6,445        $      5,989,741  

Series 2021-B
Zero Coupon, 06/01/2066

      37,370          3,984,221  

Series 2022
5.00%, 06/01/2051

      10,000          9,943,717  

Irvine Facilities Financing Authority

(City of Irvine CA Community Facilities District No. 2013-3)
BAM Series 2023
Zero Coupon, 09/01/2049

      1,300          422,861  

Zero Coupon, 09/01/2050

      1,250          386,816  

Irvine Unified School District

(Irvine Unified School District)
Series 2017-B
5.00%, 09/01/2047

      995          996,661  

Long Beach Bond Finance Authority

(Bank of America Corp.)
Series 2007-A
5.00%, 11/15/2035

      3,630          4,234,159  

5.50%, 11/15/2037

      5,300          6,461,105  

Los Angeles Department of Water & Power

(Los Angeles Dept. of Water & Power Power System Revenue)
Series 2023-D
5.00%, 07/01/2041

      7,830          8,670,940  

Series 2024-B
5.00%, 07/01/2038

      1,640          1,861,201  

Series 2024-E
5.00%, 07/01/2039

      1,660          1,880,456  

Series 2025-A
5.00%, 07/01/2050

      5,000          5,255,501  

Series 2025-B
5.00%, 07/01/2033

      8,335          9,716,811  

5.00%, 07/01/2034

      3,000          3,534,425  

BAM Series 2025-A
5.00%, 07/01/2053

      2,000          2,098,398  

Los Angeles Department of Water & Power Power System Revenue

(Los Angeles Dept. of Water & Power Power System Revenue)
Series 2022-B
5.00%, 07/01/2052

      1,495          1,547,279  

Los Angeles Department of Water & Power Water System Revenue

(Los Angeles Dept. of Water & Power Water System Revenue)
Series 2021-C
5.00%, 07/01/2041

      1,250          1,333,189  

Series 2022-B
5.00%, 07/01/2043

      8,750          9,392,617  

Series 2022-D
5.00%, 07/01/2047

      4,550          4,797,361  

Series 2025-A
5.00%, 01/01/2030

      5,000          5,434,414  

 

15

      Principal
Amount
(000)		        U.S. $ Value  

Series 2025-B
5.00%, 07/01/2032

    $       1,000        $      1,149,833  

5.00%, 07/01/2033

      3,300          3,847,088  

Los Angeles Unified School District/CA

(Los Angeles Unified School District/CA)
Series 2016-B
3.00%, 07/01/2031

      2,165          2,166,732  

M-S-R Energy Authority

(Citigroup, Inc.)
Series 2009-A
6.50%, 11/01/2039

      2,000          2,502,752  

Series 2009-B
6.50%, 11/01/2039

      10,000          12,513,761  

7.00%, 11/01/2034

      2,000          2,483,436  

Menifee Union School District

(Menifee Union School District)
Series 2018
5.00%, 09/01/2043

      1,000          1,021,708  

5.00%, 09/01/2048

      1,215          1,229,674  

Northern California Energy Authority

(Pacific Life Insurance)
Series 2024
5.00%, 12/01/2054

      10,000          10,775,430  

Palomar Health

(Palomar Health Obligated Group)
Series 2016-A
5.00%, 08/01/2031

      1,285          1,288,414  

Port of Los Angeles

(Port of Los Angeles)
Series 2024-2
5.00%, 08/01/2036

      1,000          1,147,561  

Series 2024-A
5.00%, 08/01/2031

      1,000          1,126,269  

5.00%, 08/01/2032

      2,000          2,291,469  

5.00%, 08/01/2034

      2,060          2,417,787  

Redding Joint Powers Financing Authority

(Redding Joint Powers Financing Authority)
Series 2015-A
5.00%, 06/01/2030

      1,350          1,357,480  

Rialto Redevelopment Agency

(Rialto Redevelopment Agency)
Series 2018
5.00%, 09/01/2032

      500          532,756  

5.00%, 09/01/2033

      500          532,054  

5.00%, 09/01/2037

      2,235          2,361,116  

River Islands Public Financing Authority

(River Islands Public Financing Authority Cmnty Facs District No. 2003-1 Area 1)
Series 2022
5.00%, 09/01/2052

      5,200          5,149,872  

Riverside County Transportation Commission

(Riverside County Transportation Commission)
Series 2021
4.00%, 06/01/2040

      3,330          3,383,038  

4.00%, 06/01/2041

      1,765          1,786,041  

 

16

      Principal
Amount
(000)		        U.S. $ Value  

Sacramento County Water Financing Authority

(Sacramento County Water Agency)
NATL Series 2007-B
3.266% (CME Term SOFR 3 Month + 0.55%), 06/01/2034(b)

    $       1,385        $      1,362,199  

3.286% (CME Term SOFR 3 Month + 0.57%), 06/01/2039(b)

      5,375          5,192,634  

San Diego County Regional Airport Authority

(San Diego County Regional Airport Authority)
Series 2020
5.00%, 07/01/2035

      650          704,129  

5.00%, 07/01/2036

      500          538,063  

5.00%, 07/01/2037

      250          267,775  

5.00%, 07/01/2038

      250          266,686  

5.00%, 07/01/2039

      255          271,039  

5.00%, 07/01/2040

      250          264,708  

Series 2021-B
4.00%, 07/01/2041

      3,010          3,053,689  

5.00%, 07/01/2034

      2,000          2,216,644  

Series 2023
5.00%, 07/01/2043

      1,185          1,277,323  

5.00%, 07/01/2053

      21,000          21,498,044  

Series 2025
5.00%, 07/01/2034

      2,500          2,934,926  

5.00%, 07/01/2035

      2,500          2,958,453  

5.25%, 07/01/2037

      2,555          3,011,424  

5.25%, 07/01/2038

      2,875          3,351,843  

5.25%, 07/01/2050

      10,000          10,574,553  

5.50%, 07/01/2055

      1,000          1,075,400  

San Diego County Regional Transportation Commission

(San Diego County Regional Transportation Commission Sales Tax)
Series 2026-A
5.00%, 04/01/2044

      1,000          1,149,799  

San Francisco City & County Redevelopment Agency Successor Agency

(Successor Agency to the Redev of San Francisco - Mission Bay South)
Series 2016-B
5.00%, 08/01/2033

      1,000          1,010,511  

5.00%, 08/01/2035

      1,000          1,009,826  

Series 2016-C
5.00%, 08/01/2032

      1,000          1,010,790  

5.00%, 08/01/2035

      1,000          1,009,826  

San Francisco Intl Airport

(San Francisco Intl Airport)
Series 2021-A
5.00%, 05/01/2035

      1,500          1,657,000  

Series 2022-A
5.00%, 05/01/2031

      5,000          5,618,636  

Series 2022-C
3.283%, 05/01/2036

      3,000          2,745,925  

Series 2023-E
5.00%, 05/01/2030

      1,000          1,103,796  

5.50%, 05/01/2041

      5,350          6,067,251  

Series 2024
5.00%, 05/01/2037

      5,265          6,014,835  

5.25%, 05/01/2042

      10,185          11,376,986  

Series 2025-D
5.00%, 05/01/2031

      2,000          2,247,455  

 

17

      Principal
Amount
(000)		        U.S. $ Value  

5.50%, 05/01/2055

    $       4,000        $      4,303,460  

Series 2025-E
5.25%, 05/01/2055

      12,475          13,150,783  

San Joaquin Valley Clean Energy Authority

(Goldman Sachs Group)
Series 2025
5.50%, 01/01/2056

      3,405          3,878,177  

San Mateo Union High School District

(San Mateo Union High School District)
Series 2026
5.00%, 09/01/2029(e)

      1,125          1,231,522  

5.00%, 09/01/2031(e)

      1,345          1,540,631  

5.00%, 09/01/2032(e)

      1,125          1,312,513  

5.00%, 09/01/2033(e)

      1,250          1,484,075  

5.00%, 09/01/2034(e)

      1,800          2,167,450  

Santa Barbara Secondary High School District

(Santa Barbara Secondary High School District)
Series 2011-A
Zero Coupon, 08/01/2036

      15,395          10,384,382  

Sierra Joint Community College District School Facilities District No. 2

(Sierra Joint Community College District School Facilities District No. 2)
NATL Series 2007-B
Zero Coupon, 06/01/2032

      5,485          4,697,476  

South San Francisco Unified School District

(South San Francisco Unified School District)
Series 2025
5.00%, 09/01/2026

      3,990          4,052,852  

5.00%, 09/01/2027

      2,160          2,262,329  

5.00%, 09/01/2033

      1,150          1,401,144  

5.00%, 09/01/2034

      1,010          1,249,634  

5.00%, 09/01/2035

      1,110          1,388,074  

5.00%, 09/01/2036

      1,015          1,259,305  

5.00%, 09/01/2037

      1,110          1,361,427  

Southern California Public Power Authority

(American General Life Insurance)
Series 2024-A
5.00%, 04/01/2055

      3,600          3,873,234  

Southern California Public Power Authority

(Goldman Sachs Group)
Series 2007-A
5.00%, 11/01/2033

      6,280          7,110,168  

Southern California Public Power Authority

(Los Angeles Dept. of Water & Power Power System Revenue)
Series 2023
5.00%, 07/01/2036

      2,160          2,472,012  

5.00%, 07/01/2041

      4,925          5,453,944  

5.00%, 07/01/2048

      4,275          4,505,661  

5.25%, 07/01/2053

      8,985          9,485,632  

Series 2024
5.00%, 07/01/2042

      1,000          1,112,719  

5.00%, 07/01/2044

      1,000          1,090,065  

5.00%, 07/01/2053

      2,540          2,650,040  

 

18

      Principal
Amount
(000)		        U.S. $ Value  

State of California

(State of California)
Series 2004
5.30%, 04/01/2029

    $           5        $          5,013  

Series 2009
7.30%, 10/01/2039

      1,205          1,431,045  

7.55%, 04/01/2039

      1,000          1,235,488  

Series 2023
5.25%, 10/01/2050

      5,000          5,404,755  

5.25%, 09/01/2053

      20,000          21,600,292  

6.00%, 03/01/2033

      8,000          8,935,791  

Series 2024
5.15%, 09/01/2034

      2,000          2,130,949  

Stockton Redevelopment Agency Successor Agency

(Stockton Redevelopment Agency Successor Agency)
AG Series 2016-A
5.00%, 09/01/2033

      2,800          2,836,310  

5.00%, 09/01/2034

      1,000          1,012,666  

Successor Agency to the Redev of San Francisco - Mission Bay North

(Successor Agency to the Redev of San Francisco - Mission Bay North)
Series 2016-A
5.00%, 08/01/2032

      1,025          1,036,059  

5.00%, 08/01/2034

      1,105          1,116,298  

5.00%, 08/01/2035

      595          600,846  

5.00%, 08/01/2036

      775          782,210  

Tobacco Securitization Authority of Northern California

(Sacramento County Tobacco Securitization)
Series 2021
Zero Coupon, 06/01/2060

      10,000          1,615,673  

Tobacco Securitization Authority of Southern California

(San Diego County Tobacco Asset Securitization)
Series 2019
5.00%, 06/01/2037

      1,000          1,063,680  

5.00%, 06/01/2048

      8,610          8,659,126  

Transbay Joint Powers Authority

(Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment)
Series 2020
5.00%, 10/01/2040

      1,000          1,031,060  

5.00%, 10/01/2045

      2,000          2,024,761  

5.00%, 10/01/2049

      2,200          2,203,603  

University of California

(University of California)
Series 2023-B
4.693%, 05/15/2033

      5,600          5,845,892  

Series 2025-C
5.25%, 05/15/2040

      3,250          4,135,204  

5.50%, 05/15/2040

      4,500          5,467,508  

Series 2026-C
5.00%, 11/15/2039(e)

      4,850          5,945,823  

Upland Unified School District

(Upland Unified School District)
Series 2011-C
Zero Coupon, 08/01/2035

      1,020          782,976  

 

19

      Principal
Amount
(000)		        U.S. $ Value  

Washington Township Health Care District

(Washington Township Health Care District)
Series 2017-B
5.00%, 07/01/2032

    $       2,000        $      2,036,655  

5.00%, 07/01/2033

      1,500          1,525,965  

Series 2023-B
5.25%, 08/01/2048

      1,750          1,912,737  

AG Series 2023-B
4.25%, 08/01/2045

      1,225          1,251,200  

Yucaipa Valley Water District Financing Authority

(Yucaipa Valley Water District Water & Sewer Revenue)
Series 2024-A
5.00%, 06/01/2026

      10,000          10,013,803  
       

 

 

  
          1,272,596,944  
       

 

 

  

American Samoa – 0.1%

 

American Samoa Economic Development Authority

(Territory of American Samoa)
Series 2018
7.125%, 09/01/2038(c)

      1,385          1,481,424  
       

 

 

  

Georgia – 0.0%

 

Municipal Electric Authority of Georgia

(PowerSouth Energy Cooperative)
Series 2019
5.00%, 01/01/2037

      100          103,503  
       

 

 

  

Guam – 1.6%

 

Antonio B Won Pat International Airport Authority

(Antonio B Won Pat Intl Airport Authority)
Series 2023
5.375%, 10/01/2040

      250          273,039  

5.375%, 10/01/2043

      1,050          1,115,859  

Series 2024-A
5.25%, 10/01/2035

      535          604,660  

5.25%, 10/01/2036

      200          224,753  

5.25%, 10/01/2038

      1,050          1,163,847  

5.25%, 10/01/2039

      1,055          1,161,924  

Guam Government Waterworks Authority

(Guam Waterworks Authority Water And Wastewater System)
Series 2025-A
5.25%, 07/01/2050

      1,000          1,038,065  

Guam Power Authority

(Guam Power Authority)
Series 2017-A
5.00%, 10/01/2036

      2,940          3,008,848  

5.00%, 10/01/2037

      1,300          1,328,105  

Series 2022-A
5.00%, 10/01/2044

      3,365          3,517,255  

Territory of Guam

(Guam Section 30 Income Tax)
Series 2016-A
5.00%, 12/01/2029

      3,805          3,854,417  

5.00%, 12/01/2030

      415          420,277  

5.00%, 12/01/2032

      455          460,359  

 

20

      Principal
Amount
(000)		        U.S. $ Value  

Territory of Guam

(Territory of Guam Business Privilege Tax)
Series 2021-F
4.00%, 01/01/2042

    $       3,000        $      2,983,230  

Territory of Guam

(Territory of Guam)
Series 2019
5.00%, 11/15/2031

      190          202,026  
       

 

 

  
          21,356,664  
       

 

 

  

Indiana – 0.0%

 

City of Fort Wayne IN

(Do Good Foods Fort Wayne Obligated Group)
10.75%, 12/01/2029(f) (g)

      47          5  
       

 

 

  

Other – 0.2%

 

Federal Home Loan Mortgage Corp. Multifamily ML Certificates

(FRETE 2021-ML10)
Series 2021-ML10, Class AUS
2.032%, 01/25/2038

      3,509          2,895,472  
       

 

 

  

Puerto Rico – 1.2%

 

Commonwealth of Puerto Rico

(Commonwealth of Puerto Rico)
Series 2021-A
Zero Coupon, 07/01/2033

      1,238          914,863  

Puerto Rico Commonwealth Aqueduct & Sewer Authority

(Puerto Rico Commonwealth Aqueduct & Sewer Authority)
Series 2020-A
5.00%, 07/01/2030(c)

      2,490          2,654,721  

5.00%, 07/01/2035(c)

      1,945          2,031,716  

Series 2021-C
3.75%, 07/01/2027(c)

      1,000          1,001,760  

Puerto Rico Electric Power Authority

(Puerto Rico Electric Power Authority)
AG Series 2007-V
5.25%, 07/01/2031

      1,000          1,034,805  

NATL Series 2007-V
5.25%, 07/01/2032

      1,000          1,025,736  

5.25%, 07/01/2034

      1,000          1,023,764  

Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth

(AES Puerto Rico LP)
Series 2023-A
6.625%, 01/01/2027

      172          172,126  

6.625%, 01/01/2028

      1,313          1,315,365  

Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth

(San Juan Cruise Port LLC)
Series 2024
6.75%, 01/01/2045

      1,000          1,145,574  

 

21

      Principal
Amount
(000)		        U.S. $ Value  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue

(Puerto Rico Sales Tax Financing Sales Tax Revenue)
Series 2019-A
4.329%, 07/01/2040

    $         980        $        981,703  

4.55%, 07/01/2040

      90          90,573  

5.00%, 07/01/2058

      2,900          2,840,370  
       

 

 

  
          16,233,076  
       

 

 

  

Tennessee – 0.1%

 

Bristol Industrial Development Board

(Bristol Industrial Development Board Sales Tax)
Series 2016-A
5.00%, 12/01/2035(c)

      1,010          997,662  
       

 

 

  

Washington – 0.0%

 

Washington State Housing Finance Commission

(Presbyterian Retirement Communities Northwest Obligated Group)
Series 2019-A
5.00%, 01/01/2049(c)

      100          94,084  
       

 

 

  

Wisconsin – 0.6%

 

Wisconsin Public Finance Authority

(Catholic Bishop of Chicago/The)
Series 2021
5.75%, 07/25/2041(h)

      2,000          1,906,216  

Wisconsin Public Finance Authority

(SR 400 Peach Partners LLC)
Series 2025
6.50%, 06/30/2060

      5,505          6,125,078  
       

 

 

  
          8,031,294  
       

 

 

  

Total Long-Term Municipal Bonds
(cost $1,321,820,804)

 

        1,323,790,128  
       

 

 

  

Short-Term Municipal Notes – 0.9%

 

California – 0.9%

 

County of Los Angeles CA

(County of Los Angeles CA)
Series 2025-A
5.00%, 06/30/2026

      7,500          7,571,561  

Nuveen California AMT-Free Quality Municipal Income Fund

(Nuveen California AMT-Free Quality Municipal Income Fund)
Series 2017
2.33%, 10/01/2047(c) (i)

      5,000          5,000,000  
       

 

 

  

Total Short-Term Municipal Notes
(cost $12,553,069)

 

        12,571,561  
       

 

 

  

Total Municipal Obligations
(cost $1,334,373,873)

 

        1,336,361,689  
       

 

 

  

 

22

Company    Shares        U.S. $ Value  

PREFERRED STOCKS – 0.0%

 

Utility – 0.0%

 

Electric – 0.0%

 

AES Guayama Holdings
0.00%(f) (j) (k)
(cost $518,457)

      28,882        $         84,047  
       

 

 

  

SHORT-TERM INVESTMENTS – 0.9%

 

Investment Companies – 0.9%

 

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 3.53%(l) (m) (n)
(cost $11,945,743)

      11,945,743          11,945,743  
       

 

 

  

Total Investments – 100.4%
(cost $1,346,838,073)(o)

 

        1,348,391,479  

Other assets less liabilities – (0.4)%

 

        (5,644,588 ) 
       

 

 

  

Net Assets – 100.0%

 

      $  1,342,746,891  
       

 

 

  

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

 

Description    Fixed
Rate
(Pay)
Receive		     Payment
Frequency		    Implied
Credit
Spread at
February 28,
2025		   Notional
Amount
(000)		      Market
Value		     Upfront
Premiums
Paid
(Received)		      Unrealized
Appreciation
(Depreciation)		  
Buy Contracts

 

CDX-NAHY Series 44, 5 Year Index,
12/20/2030*

      (5.00 )%    Quarterly    3.32%     USD        18,414      $  (1,425,674 )    $  (1,301,072)      $  (124,602)  

 

*

Termination date

CENTRALLY CLEARED INFLATION (CPI) SWAPS

 

                   Rate Type                                
Notional
Amount
(000)		      Termination
Date		      Payments
made
by the
Fund		      Payments
received
by the
Fund		      Payment
Frequency
Paid/
Received		      Market
Value		      Upfront
Premiums
Paid
(Received)		        Unrealized
Appreciation
(Depreciation)		  
USD      36,500      10/15/2029      2.569%      CPI#      Maturity      $ (176,481 )     $ —        $ (176,481 ) 
USD      35,500      10/15/2029      2.485%      CPI#      Maturity        (25,160 )       —          (25,160 ) 
                         

 

 

     

 

 

       

 

 

  
                          $  (201,641 )     $   —        $  (201,641 ) 
                         

 

 

     

 

 

       

 

 

  

 

#

Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).

 

23

CENTRALLY CLEARED INTEREST RATE SWAPS

 

                   Rate Type                              
Notional
Amount
(000)		      Termination
Date		      Payments
made
by the
Fund		      Payments
received
by the
Fund		      Payment
Frequency
Paid/
Received		      Market
Value		      Upfront
Premiums
Paid
(Received)		      Unrealized
Appreciation
(Depreciation)		  
USD      14,000      01/15/2027      1 Day SOFR      2.719%      Annual      $ (106,659 )     $ —      $ (106,659 ) 
USD      24,500      10/15/2030      1 Day SOFR      4.092%      Annual        940,242        —        940,242  
USD      9,700      10/15/2030      1 Day SOFR      4.082%      Annual        367,953        —        367,953  
USD      7,300      02/15/2035      3.603%      1 Day SOFR      Annual        (66,200 )       (513 )       (65,687 ) 
USD      23,500      09/25/2035      3.587%      1 Day SOFR      Annual        (102,975 )       —        (102,975 ) 
                         

 

 

     

 

 

     

 

 

  
                          $  1,032,361      $  (513 )     $  1,032,874  
                         

 

 

     

 

 

     

 

 

  

INTEREST RATE SWAPS

 

                        Rate Type                         
Swap Counterparty    Notional
Amount
(000)		      Termination
Date		    Payments
made
by the
Fund		   Payments
received
by the
Fund		   Payment
Frequency
Paid/
Received		    Market
Value		      Upfront
Premiums
Paid
(Received)		      Unrealized
Appreciation
(Depreciation)		  
Citibank NA      USD        12,620      10/09/2029    1.125%   1 Week SIFMA*   Quarterly    $  513,169      $    —      $  513,169  

 

*

Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.

 

(a)

Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at February 28, 2026.

(b)

Floating Rate Security. Stated interest/floor/ceiling rate was in effect at February 28, 2026.

(c)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At February 28, 2026, the aggregate market value of these securities amounted to $229,341,822 or 17.1% of net assets.

(d)

IO - Interest Only.

(e)

When-Issued or delayed delivery security.

(f)

Non-income producing security.

(g)

Defaulted.

(h)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.37% of net assets as of February 28, 2026, are considered illiquid and restricted. Additional information regarding such securities follows:

 

144A/Restricted & Illiquid Securities    Acquisition
Date		    Cost      Market
Value		      Percentage
of
Net Assets

California School Finance Authority
(Downtown College Prep Obligated Group)
Series 2016
5.00%, 06/01/2051

    10/25/2017    $  5,248,955      $  3,141,000      0.23%

Wisconsin Public Finance Authority
(Catholic Bishop of Chicago/The)
Series 2021
5.75%, 07/25/2041

    08/03/2021      2,000,000        1,906,216      0.14%

 

24

(i)

Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks.

(j)

Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(k)

Fair valued by the Adviser.

(l)

The rate shown represents the 7-day yield as of period end.

(m)

Affiliated investments.

(n)

To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(o)

As of February 28, 2026, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $32,945,729 and gross unrealized depreciation of investments was $(30,172,523), resulting in net unrealized appreciation of $2,773,206.

As of February 28, 2026, the Portfolio’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 3.8% and 0.0%, respectively.

Glossary:

AD – Assessment District

AG – Assured Guaranty Inc.

AMBAC – Ambac Assurance Corporation

AMT – Alternative Minimum Tax (subject to)

BAM – Build American Mutual

CDX-NAHY – North American High Yield Credit Default Swap Index

CHF – Collegiate Housing Foundation

CME – Chicago Mercantile Exchange

COP – Certificate of Participation

MUNIPSA – SIFMA Municipal Swap Index

NATL – National Interstate Corporation

SOFR – Secured Overnight Financing Rate

 

25

AB Municipal Income Fund, Inc.

AB California Portfolio

February 28, 2026 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

 

  •  

Level 1 - quoted prices in active markets for identical investments

  •  

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

  •  

Level 3 - significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

 

26

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of February 28, 2026:

 

Investments in Securities:

    Level 1      Level 2     Level 3      Total  
Assets:           
Long-Term Municipal Bonds    $ —      $ 1,323,790,128     $ —      $ 1,323,790,128  
Short-Term Municipal Notes      —        12,571,561       —        12,571,561  
Preferred Stocks      —        —       84,047        84,047  
Short-Term Investments      11,945,743        —       —        11,945,743  
  

 

 

     

 

 

    

 

 

     

 

 

  
Total Investments in Securities      11,945,743        1,336,361,689       84,047        1,348,391,479  
Other Financial Instruments(a):           
Assets:           
Centrally Cleared Interest Rate Swaps      —        1,308,195       —        1,308,195  
Interest Rate Swaps      —        513,169       —        513,169  
Liabilities:           
Centrally Cleared Credit Default Swaps      —        (1,425,674 )      —        (1,425,674 ) 
Centrally Cleared Inflation (CPI) Swaps      —        (201,641 )      —        (201,641 ) 
Centrally Cleared Interest Rate Swaps      —        (275,834 )      —        (275,834 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  
Total    $  11,945,743      $  1,336,279,904     $  84,047      $  1,348,309,694  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

(a) 

Other financial instruments include derivative instruments, such as futures, forwards and swaps. Derivative instruments are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value.

A summary of the Portfolio’s transactions in AB mutual funds for the nine months ended February 28, 2026 is as follows:

 

Portfolio    Market Value
05/31/2025
(000)		      Purchases
at Cost
(000)		      Sales
Proceeds
(000)		      Market Value
02/28/2026
(000)		      Dividend
Income
(000)		  
AB Government Money Market Portfolio    $  13,920      $  230,473      $  232,447      $  11,946      $  341  

 

27